CredR Faces Salary Delays and Operational Halt Amid $20 Million Funding Push

#Funding Challenges#Sasidhar Nandigam#Funding#Startups#Credr#Funding Rounds#Startup Funding

1272+ Words Refined into 6 Facts by AI • 3 sources • 3h ago

CredR has delayed salaries and halted operations amid a $20 million funding round.
Sasidhar Nandigam stated, “We have been lean on operations because of the seasonality part.”
CredR has raised $40 million and is valued at $28 million.
Competitors like Beepcart have also laid off employees amid financial pressures.
CredR’s revenue increased from ₹22 crore to ₹34 crore in FY23.
Experts noted salary delays are common in startups facing liquidity challenges.

The sources of this summary are listed below. Click to view.

Related Update: 2 hours later

CredR's Operations Halted: New Concerns Emerge

858+ Words Refined into 7 Facts by AI • 1 source • 41m ago

Operations halted since October 11 amid funding search
Office closure extended to October 27 without reopening
Employees report unpaid September salaries and withheld variable components
Nandigam: “We have just pushed the salaries to ensure that the cash flows are healthy for us.”
Operations paused to prepare for a product launch for investors
Previous disruption occurred in July 2022 with office vacating
Majumdar: “If there are revenues, companies can explore traditional routes like invoice discounting.”

The sources of this update are listed below. Click to view.

Related Update: 41 mins later

870+ Words Refined into 7 Facts by AI • 2 sources • 0m ago

Operations halted since October 11 amid funding search
Office closure extended to October 27 without reopening
Employees report unpaid September salaries and withheld variable components
Nandigam: “We have just pushed the salaries to ensure that the cash flows are healthy for us.”
Operations paused to prepare for a product launch for investors
Previous disruption occurred in July 2022 with office vacating
Majumdar: “If there are revenues, companies can explore traditional routes like invoice discounting.”

The sources of this update are listed below. Click to view.